Shady lifted his wing, then I fell from under itNow I’m freefallin’, my career is gone into re-calling

Shady lifted his wing refers to Shady having Royce as his wing man or hype man and Royce was too interested in his own career and left as his wing man and as a result fell from grace and off the rap radar and everything he had was recalled, or taking back, which goes with the hook God give it and take it away

Royce feels that he wasted the opportunity he had when he was under Eminem’s wing. Sort of like smoking weed multiple times a day everyday throughout your career at Yale (cough)